ChicagoFar North

Price collapse continues at colorful Catalpa Gardens

by Joe Zekas on 11/7/12

The three blue and gold 11-story towers of Edgewater‘s Catalpa Gardens make a colorful statement up close and from a distance. The 126-unit complex’s other distinctive features include glass walkways connecting the towers, a rooftop deck with outstanding views – and unit values that have radically imploded.

When we looked in on the building two years ago in July, there were 12 units on the market and we noted that “the place appears to be riddled with short sales.” List prices at the time were 44 to 64 percent below their original purchase prices.

There are currently only 4 units on the market at Catalpa Gardens, but the dwindling supply doesn’t appear to have helped prices. A 2-bedroom, 1 ½ bath unit that sold at an astounding $432,500 in April of 2009, and went into foreclosure less than a year later, is currently listed at $144,900. A 2-bedroom, 2-bath that sold for $419,500 5 years ago has been on the market for well over a year and is asking $189,900 as a short sale.

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